Richardson Electronics (NASDAQ:RELL) Director Kenneth Halverson Sells 1,500 Shares of Stock

Key Points

• Director Kenneth Halverson sold 1,500 Richardson Electronics shares at an average price of $17.47, generating $26,205 and reducing his direct ownership by 12.13% to 10,865 shares.
• Richardson Electronics reported quarterly earnings of $0.21 per share and revenue of $66.2 million, both above analyst expectations. The stock recently traded at $16.87, with a 12-month range of $9.37 to $23.15.
• The company declared a quarterly dividend of $0.06 per share, equivalent to a 1.4% yield, while analysts maintain a consensus “Buy” rating with an average price target of $24.00.

Richardson Electronics, Ltd. (NASDAQ:RELL - Get Free Report) Director Kenneth Halverson sold 1,500 shares of the business's stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $17.47, for a total transaction of $26,205.00. Following the completion of the sale, the director directly owned 10,865 shares of the company's stock, valued at approximately $189,811.55. This trade represents a 12.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Richardson Electronics Stock Performance

Shares of RELL stock traded down $0.34 during mid-day trading on Monday, hitting $16.87. 97,691 shares of the stock were exchanged, compared to its average volume of 203,647. The stock's fifty day simple moving average is $18.34 and its two-hundred day simple moving average is $15.36. The stock has a market capitalization of $247.82 million, a price-to-earnings ratio of 38.34, a P/E/G ratio of 1.36 and a beta of 1.28. Richardson Electronics, Ltd. has a 12-month low of $9.37 and a 12-month high of $23.15.

Richardson Electronics (NASDAQ:RELL - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The technology company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.14. The business had revenue of $66.20 million during the quarter, compared to the consensus estimate of $55.37 million. Richardson Electronics had a return on equity of 3.55% and a net margin of 2.79%. On average, research analysts expect that Richardson Electronics, Ltd. will post 0.5 earnings per share for the current fiscal year.

Richardson Electronics Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Friday, August 7th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, August 7th. Richardson Electronics's dividend payout ratio is presently 54.55%.

Wall Street Analyst Weigh In

RELL has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Richardson Electronics in a report on Monday, July 20th. Wall Street Zen raised shares of Richardson Electronics from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Northland Securities upgraded shares of Richardson Electronics from a "market perform" rating to an "outperform" rating and lifted their price objective for the company from $14.00 to $24.00 in a research note on Tuesday, July 28th. Finally, Zacks Research raised shares of Richardson Electronics from a "hold" rating to a "strong-buy" rating in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Richardson Electronics has a consensus rating of "Buy" and an average target price of $24.00.

Hedge Funds Weigh In On Richardson Electronics

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new position in Richardson Electronics during the 2nd quarter worth $18,874,000. First Wilshire Securities Management Inc. increased its stake in shares of Richardson Electronics by 13.9% during the first quarter. First Wilshire Securities Management Inc. now owns 671,998 shares of the technology company's stock worth $7,358,000 after acquiring an additional 82,054 shares during the period. State Street Corp increased its stake in shares of Richardson Electronics by 1.9% during the fourth quarter. State Street Corp now owns 243,427 shares of the technology company's stock worth $2,648,000 after acquiring an additional 4,629 shares during the period. AIGH Capital Management LLC purchased a new position in Richardson Electronics during the second quarter worth about $3,810,000. Finally, Bank of New York Mellon Corp acquired a new stake in Richardson Electronics in the second quarter valued at about $1,995,000. 71.95% of the stock is currently owned by hedge funds and other institutional investors.

Richardson Electronics Company Profile

Richardson Electronics, Ltd. NASDAQ: RELL is a global manufacturer, distributor and servicer of engineered components and subsystems for a diverse range of industrial, medical and scientific applications. The company specializes in vacuum electron devices, high-voltage power supplies and related electronic components, offering klystrons, traveling wave tubes, magnetrons, X-ray tubes, microwave amplifiers and power conversion products. Its solutions support customers in power grid management, semiconductor processing, medical imaging, scientific instrumentation and telecommunications.

In addition to its manufacturing capabilities, Richardson Electronics maintains a broad distribution network comprising thousands of standard and custom parts.

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